[miningmx.com] – AQUARIUS Platinum said it would renew efforts to reduce costs at its Kroondal and Mimosa operations in order to fend off rock-bottom platinum group metal (PGM) prices.
Jean Nel, CEO of Aquarius Platinum, said in the firm’s second quarter production results announcement, that PGM unit costs at its three operations were lower than three years ago despite “steep increases” in labour, electricity and other costs.
“That said, the lower PGM prices experienced during the quarter impacted both Kroondal and Mimosa,” he said. The dollar PGM basket price fell 7% for the quarter and 27% compared to the previous corresponding period in 2014.
Attributable production from operating mines was 0.5% higher compared to the previous corresponding period, but 4% down against the September quarter. Kroondal produced its highest second quarter production figures since 2011, said Nel.
